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← Central Baptist Church

2021-12-31-accounts

Charity Registration No. SC050871 (Scotland)

CENTRAL BAPTIST CHURCH DUNDEE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

SCIO (Scottish Charitable Incorporated Organisation)

CENTRAL BAPTIST CHURCH DUNDEE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

(Appointed 8 September 2021) (Appointed 26 March 2021) (Appointed 28 March 2021) (Appointed 26 March 2021) (Appointed 8 September 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 8 August 2021) (Appointed 8 September 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) Charity number (Scotland) SC050871 Principal address Church Office 9a Ward Road DUNDEE DD1 1LP Auditor Bird Simpson & Co 144 Nethergate Dundee DD1 4EB Bankers Virgin Money Chief Office High Street Dundee DD1 1SS Solicitors Diakoneo Legal Services Limited 48 Speirs Wharf Glasgow G4 9TH

CENTRAL BAPTIST CHURCH DUNDEE

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9 - 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 30

CENTRAL BAPTIST CHURCH DUNDEE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Fellowship is known as Central Baptist Church and it is affiliated to the Baptist Union of Scotland.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the the Fellowship's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Aims of Central Baptist Church Dundee are to join together in Christian worship and fellowship and to engage in the propagation of the Gospel of Jesus Christ, both locally and beyond.

The Trustees have paid due regard to guidance issued by the Office of the Scottish Charity Regulator (OSCR) and the Charity Commission in deciding what activities the Fellowship should undertake.

The continuing Coronavirus pandemic saw many of the activities that would ordinarily be held on a face-to-face basis stay online for periods of 2021 then progressively return to face-to-face as restrictions eased allowing the Fellowship to meet again together. Throughout this period, the Fellowship continued to grow as online church services reached out to those isolating at home. The Church meetings continued on an online basis and the regular preaching and teaching continued throughout the whole year. Similarly, activities for students, youth and children also moved back to face-to-face from the online model. Additional pastoral support continued especially to those members of the Fellowship without internet access.

Achievements and performance

No baptisms took place due to COVID restrictions, however a further 6 came into membership with 27 transferring or leaving membership by other means, giving a total of 246 members at the year end.

The Church continued to provide for the spiritual and practical needs of the Fellowship throughout 2021, despite the ongoing pandemic. As the restrictions on face-to-face contact eased, we were able to complete evangelistic activities in lieu of the online courses of 2020. Due to the benefits to the house-bound the Live Streaming of Sunday Services continues and will be maintained indefinitely, as this is a spiritual and emotional support to our housebound members and wider church family.

The Hardship Fund continues to be used by the Pastoral Team to provide financial assistance in these difficult times to those who are in greatest need within the Fellowship.

The 2020 decision to get involved in developing the next generation of Christian leaders in Scotland progressed well in 2021, with the appointment of our first Minister-in-Training and the further appointment of our first two Ministry Apprentices. This is a significant commitment on behalf of the church both in terms of resource and finance, but clearly demonstrates our desire to see growth and to be a blessing to the people of Scotland, beyond those who attend Central Baptist Church Dundee.

The project to change the structure of the church from a UVA to a SCIO progressed as planned, with lots of internal resources dedicated to managing this transition, working effectively with the external legal expertise to complete this change.

The ambitious plans in 2021 and moving on into 2022 and beyond mean that we continue to identify gifted individuals to join the Leadership Team and these Search Committees continue into 2022.

CENTRAL BAPTIST CHURCH DUNDEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

2021 was a year where, despite the significant physical restrictions for a significant proportion of the year, the practical support of the Fellowship continued at a generous level. This enabled the Church to carry out many of its plans and objectives for the year and we give thanks and praise to God for the support received.

General Fund (unrestricted fund) - £198,006

Despite the restrictions which limited the ability to attend on a face-to-face basis, the Fellowship continued to give faithfully throughout the year. Total General Fund income was £299,580, down 5% on the prior year. Expenditure on charitable activities of £370,490 was £7,132 lower than the previous year and well within budgeted levels. Overall, there was a net pre-fund transfer General Fund deficit of £70,910 in 2021 (£18,572 deficit post-fund transfers).

Property Reserve Fund (unrestricted designated fund) - £2,918,724

This Fund holds the church buildings and other tangible assets. There were no changes to this fund value during the year.

Pension Deficit Fund, previously Legacy Fund (unrestricted designated fund) - £36,400

This Fund is earmarked to cover the lump sum cost to buy-out the Church’s share of the defined benefit pension scheme liability. The 2021 year-end balance in the fund reflects the lump sum debt figure supplied by the Baptist Pension Scheme as at 20 December 2021. Following a further significant reduction in the Church’s share of the liability during 2021, it continues to be considered to be more cost-effective to continue to make monthly payments to reduce the Church’s share of the liability.

Hardship Fund (unrestricted designated fund) - £10,056

This fund provides support for those members of the Fellowship in need, for example, as a result of the economic challenges arising from the pandemic.

Future Generations Fund (unrestricted designated fund) - £219,576

Following receipt of a significant legacy from the estate of Miss Naomi Lee in 2021 (£264,576), this fund was created. It is earmarked for Minister-in-Training related costs and for costs associated with the investment in the future generation of the church family. In 2021, £45,000 was transferred from this fund to the General Fund to provide support for these costs.

Robertson Fund (restricted fund) - £145,916

The year-end balance comprised the cost of the property at 9A Ward Road, £114,580, camera equipment valued at £5,343 and a bank balance of £25,993. During 2021 the Fund received income of £3,000, reflecting the rent for the Church Office paid by the General Fund. The expenditure figure included in the accounts (£3,010) includes a depreciation charge of £2,671 on the camera equipment.

CENTRAL BAPTIST CHURCH DUNDEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Youth Fund (restricted fund) - £8,211

During the year, youth related expenditure of £395 was allocated to this fund (no income was received).

Ward Road Buildings Fund (restricted fund) - £54,640

This fund must be used for the maintenance and upkeep of the Ward Road buildings. During the year, expenditure of £11,814 was allocated to this fund.

It is the policy of the Fellowship that unrestricted funds (General Fund) which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Fellowship’s current activities while consideration is given to ways by which additional funds may be raised. At the end of 2021 these reserves were equivalent to around six months' expenditure.

The level of reserve funding remains subject to close ongoing scrutiny by the Trustees. It is anticipated that the reserve level at the end of 2022 will be towards the upper end of the three to six months’ of expenditure policy target.

Risk Management

The Trustees have assessed the major risks to which the Fellowship is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

Organisationally, the most significant change moving forward is the Trustee led process of transferring the Church’s legal form to a Scottish Charitable Incorporated Organisation (SCIO). Approval from OSCR for the SCIO was obtained on 26 March 2021. In creating the new SCIO, a new constitution was created and adopted by the Church Membership, first Trustees have been appointed, memberships transferred, with assets and liabilities transferred to the SCIO and, thereafter, it is our intent to dissolve the UVA.

Following Church transition back to greater face-to-face interaction, several of the online activities and meetings continue, including the streaming of Sunday services. The intent is to try to maximise the benefits of the experience gained during the Pandemic. There is, however, a residual effect of the pandemic on the attendance at Church services and the engagement in other Church activities. The Leadership Team will consider this further in 2022, and identify actions designed to help all members to re-engage fully in the life and works of the Church.

There will continue to be a focus on the further development of the Ministry Training activities in Central Baptist. We remain committed to further His kingdom by appointing more Minister-in-Training and Ministry Apprentices.

Structure, governance and management

The Fellowship is a registered charity, number SC050871.

CENTRAL BAPTIST CHURCH DUNDEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees who served during the year were:

(Appointed 8 September 2021) (Appointed 26 March 2021) (Appointed 28 March 2021) (Appointed 26 March 2021) (Appointed 8 September 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 8 August 2021) (Appointed 8 September 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021) (Appointed 26 March 2021)

(Appointed 26 March 2021 and resigned 8 September 2021) (Appointed 26 March 2021 and resigned 8 September 2021) (Appointed 26 March 2021 and resigned 8 September 2021)

In accordance with Baptist Principles church government is directed by the Church Meeting. Trustees act in accordance with decisions of the Church Meeting. The Diaconate and Elders (the Trustees) are responsible for the oversight of the practical administration of the church. Support groups, and individual ministries are responsible to the Diaconate for the day-to-day operation of all church activities.

CENTRAL BAPTIST CHURCH DUNDEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the the Fellowship and of the incoming resources and application of resources of the the Fellowship for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the the Fellowship and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the the Fellowship and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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CENTRAL BAPTIST CHURCH DUNDEE

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF CENTRAL BAPTIST CHURCH DUNDEE

Opinion

We have audited the financial statements of Central Baptist Church Dundee (‘the Fellowship’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the Fellowship in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the the Fellowship’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

CENTRAL BAPTIST CHURCH DUNDEE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CENTRAL BAPTIST CHURCH DUNDEE

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the Fellowship’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

At the planning stage, we assess the risk of material misstatement and any such irregularities and design audit procedures tailored to these risks which will be followed to ensure that we are capable of meeting our responsibilities in this area.

Factors relevant to our assessment, which have a positive impact on the capability of our procedures to detect such irregularities, are the size of the entity, the complexity of the entity's operations and our understanding of their regulatory and control environments.

The staff working on this audit assignment have been fully briefed in relation to the charity's activities, including the

regulatory regime in which they operate.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional

scepticism throughout the audit. We also:

CENTRAL BAPTIST CHURCH DUNDEE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CENTRAL BAPTIST CHURCH DUNDEE

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

30 August 2022
Statutory Auditor 144 Nethergate
Dundee
DD1 4EB

Bird Simpson & Co is eligible for appointment as auditor of the the Fellowship by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

CENTRAL BAPTIST CHURCH DUNDEE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year Current financial year Current financial year Current financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2021
2021
2021
Notes
£
£
£		 Total Total
funds
funds		 funds
general
designated
2021 2021 2021 2021 2020
£ £ £ £ £
Income from:
Donations and legacies
3		 297,742 264,976 - 562,718 459,689
Other trading activities
4		 1,684 - - 1,684 2,724
Investments
5		 154 - 3,000 3,154 6,363
Total income 299,580 264,976 3,000 567,556 468,776
Expenditure on:
Charitable activities
6		 370,490 1,844 15,219 387,553 466,033
Net (outgoing)/incoming resources
before transfers
Gross transfers between funds
Net (expenditure)/income for the year/
Net (outgoing)/incoming resources		 263,132
(70,910) (12,219) 180,003 2,743
52,338
(52,338) - - -
210,794
(18,572) (12,219) 180,003 2,743
Other recognised gains and losses
Actuarial (loss)/gain on defined benefit
pension schemes
Net movement in funds
Fund balances at 1 January 2021
Fund balances at 31 December
2021
- 38,248 - 38,248 33,391
249,042
(18,572) (12,219) 218,251 36,134
216,578 2,918,418 220,986 3,355,982 3,319,848
198,006 3,167,460 208,767 3,574,233 3,355,982

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CENTRAL BAPTIST CHURCH DUNDEE

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Prior financial year

Prior financial year Prior financial year Prior financial year Prior financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2020
2020
2020
Notes
£
£
£		 Total
funds
funds		 funds
general
designated
2020 2020 2020 2020
£ £ £ £
Income from:
Donations and legacies
3		 312,328 15,456 131,905 459,689
Other trading activities
4		 2,724 - - 2,724
Investments
5		 1,963 - 4,400 6,363
Total income 317,015 15,456 136,305 468,776
Expenditure on:
Charitable activities
6		 377,622 18,710 69,701 466,033
Net incoming resources before transfers
Gross transfers between funds
Net income for the year/
Net incoming resources
(60,607) (3,254) 66,604 2,743
6,453
(6,803) 350 -
(54,154) (10,057) 66,954 2,743
Other recognised gains and losses
Actuarial (loss)/gain on defined benefit pension
schemes
Net movement in funds
Fund balances at 1 January 2020
Fund balances at 31 December 2020
- 33,391 - 33,391
(54,154) 23,334 66,954 36,134
270,732 2,895,084 154,032 3,319,848
216,578 2,918,418 220,986 3,355,982

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CENTRAL BAPTIST CHURCH DUNDEE

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes 2021 2021 2020
£
£
3,047,617
195,915
190,256
386,171
(11,044)
375,127
3,422,744
(66,762)
3,355,982
145,926
8,606
66,454
220,986
2,918,724
55,200
11,256
(66,762)
-
2,918,418
216,578
3,134,996
3,355,982		 2020
£
£
3,047,617
195,915
190,256
386,171
(11,044)
375,127
3,422,744
(66,762)
3,355,982
145,926
8,606
66,454
220,986
2,918,724
55,200
11,256
(66,762)
-
2,918,418
216,578
3,134,996
3,355,982
£ £ £
Fixed assets
Tangible assets
11
Current assets		 312,260
248,123
560,383
(11,359)		 3,042,505
549,024
3,591,529
(17,296)
3,574,233
208,767
3,365,466
3,574,233		 195,915
190,256
386,171
(11,044)
145,926
8,606
66,454
2,918,724
55,200
11,256
(66,762)
-
2,918,418
216,578
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets		 145,916
8,211
54,640
(66,762)
3,355,982
220,986
3,134,996
3,355,982
Income funds
Restricted funds
Robertson Fund
Youth Fund
Ward Road Building Fund
17
Unrestricted funds 2,918,724
36,400
10,056
(17,296)
219,576
3,167,460
198,006
Designated funds:
Property Reserve
Pension Deficit Fund (Previously Legacy Fund)
Hardship Fund
Pension Reserve
Future Generations Fund
18
General unrestricted funds

The financial statements were approved by the Trustees on 30 August 2022

CENTRAL BAPTIST CHURCH DUNDEE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
24
Investing activities		 2021 2020
£
£
£
54,713
(128,526)
(267,659)
6,363
3,154
(261,296)
-
-
57,867
(389,822)
190,256
580,078
248,123
190,256		 2020
£
£
£
54,713
(128,526)
(267,659)
6,363
3,154
(261,296)
-
-
57,867
(389,822)
190,256
580,078
248,123
190,256
£
-
3,154
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
580,078
190,256

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Central Baptist Church Dundee is a Scottish Charitable Incorporated Organisation (SCIO) registered with the Scottish Chairty Regulator (OSCR).

1.1 Accounting convention

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Fellowship has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Funds held by the Trustees, which arose from the sale of the Robertson Rest Home, are restricted in application to comply with the Scheme for the administration of the funds dated 5 April 2002, namely "to hold the said funds and to apply the said funds and any income therefrom, on the provision of care (including physical, pastoral, social and spiritual care) for elderly and disabled persons who are members of the Baptist Church in the Dundee City in such manner and such means as the Trustees in their absolute discretion consider appropriate".

Funds held by the Trustees from a Legacy received from The late Miss Margaret Bibb, are restricted and are specifically to be used for the maintenance and upkeep of the Ward Road buildings.

Funds held by the Trustees from a donation are restricted and are to be used for youth work.

1.4 Income

Income is recognised when the Fellowship is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Fellowship has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Fellowship has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Expenditure is charged to the revenue account on an accruals basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings No depreciation Fixtures, fittings & equipment 25% - Straight Line Basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8 Financial instruments

The Trustees have elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Fellowship becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Fellowship’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Fellowship is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. There is also a closed defined benefit scheme where payments are made as determined by the scheme administrators.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.11 Taxation

The income of the Charity is exempt from the charge to taxation.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the Fellowship’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

3 Donations and legacies

Unrestricted
Unrestricted
funds
funds
general
designated
2021
2021
£
£		 Unrestricted
Unrestricted
funds
funds
general
designated
2021
2021
£
£		 Unrestricted
Unrestricted
funds
funds
general
designated
2021
2021
£
£		 Total
Unrestricted
Unrestricted
Restricted		 Total
Unrestricted
Unrestricted
Restricted		 Total
Unrestricted
Unrestricted
Restricted		 Total
Unrestricted
Unrestricted
Restricted		 Total
funds
funds
general
designated		 funds
funds		 funds
general
designated
2021 2021 2021 2020 2020 2020 2020
£ £ £ £ £ £ £
Donations and gifts 282,067 400 282,467 295,043 15,456 - 310,499
Legacies receivable 1,000 264,576 265,576 5,374 - 131,205 136,579
Grant Receivable 14,675 - 14,675 11,911 - 700 12,611
Donations and gifts
297,742 264,976 562,718 312,328 15,456 131,905 459,689
Envelopes 9,460 - 9,460 8,230 - - 8,230
Open 2,039 - 2,039 8,913 - - 8,913
Donations 218,909 320 219,229 219,524 12,511 - 232,035
GAYE 7,200 - 7,200 7,150 - - 7,150
Income tax recoverable on gift aid 43,823 80 43,903 50,530 2,945 - 53,475
Miscellaneous 636 - 636 696 - - 696
Grants receivable for core activities
282,067 400 282,467 295,043 15,456 - 310,499
Job Retention Scheme 14,675 - 14,675 11,911 - - 11,911
Dundee Festive Fund Grant Scheme - - - - - 700 700
14,675 - 14,675 11,911 - 700 12,611

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

4 Other trading activities

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Non-charitable trading activities 1,684 2,724

5 Investments

Unrestricted
Restricted
funds
funds
general
2021
2021
£
£		 Unrestricted
Restricted
funds
funds
general
2021
2021
£
£		 Unrestricted
Restricted
funds
funds
general
2021
2021
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds
general		 funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Rental income - 3,000 3,000 - 4,400 4,400
Interest receivable 154 - 154 1,963 - 1,963
154 3,000 3,154 1,963 4,400 6,363

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Charitable activities

Ministry Mission
Establishme
nt		 Mission
Establishme
nt		 Total
2021		 Ministry Mission
Establishme
nt		 Mission
Establishme
nt		 Total
2020
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £ £ £
Staff costs 148,204 - 62,026 210,230 145,943 - 49,340 195,283
Depreciation and impairment - - 5,112 5,112 - - 8,611 8,611
Other costs 4,007 7,733 46,507 58,247 10,998 7,539 120,319 138,856
Robertson Fund Expenses- restricted - - 339 339 - - 1,085 1,085
152,211 7,733 113,984 273,928 156,941 7,539 179,355 343,835
Grant funding of activities (see note 7) - 86,320 - 86,320 - 93,880 - 93,880
Share of support costs (see note 9) 8,816 1,763 7,052 17,631 8,787 7,029 1,757 17,573
Share of governance costs (see note 9) 4,837 967 3,870 9,674 5,373 4,298 1,074 10,745
Analysis by fund
165,864 96,783 124,906 387,553 171,101 112,746 182,186 466,033
Unrestricted funds - general 165,620 94,788 110,082 370,490 169,356 108,402 99,864 377,622
Unrestricted funds - designated 244 1,600 - 1,844 1,745 4,200 12,765 18,710
Restricted funds - 395 14,824 15,219 - 144 69,557 69,701
165,864 96,783 124,906 387,553 171,101 112,746 182,186 466,033

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

7 Grants payable

Mission
Mission
2021
2020
£
£
Grants to institutions:		 Mission
Mission
2021
2020
£
£
Grants to institutions:		 Mission
Mission
2021
2020
£
£
Grants to institutions:
2021 2020
£ £
Grants to institutions:
UICM (A Burns) 3,000 3,000
Scottish Baptist Fund 13,000 13,000
Baptist World Mission 2,000 2,000
OMF - Scott Murray - 4,500
AWM - D & M Williams 8,200 8,200
WEC - W & M Cowpland 19,000 19,000
Lochee Baptist Chapel 16,375 18,000
Carnoustie Baptist Church 9,600 9,600
Small Grants 3,045 3,880
COCM - Lu Peng 10,500 8,500
84,720 89,680
Grants to individuals 1,600 4,200
86,320 93,880

8 Trustees

The following employees are also Trustees of Central Baptist Church Dundee:

The received a stipend of £49,080 (2020-£48,000) a pension contribution of £5,213 (2020-£5,092) and mileage expenses of £537 (2020-£515).

were employees of the UVA. The SCIO started making payments to employees from 1st July 2021. Their salaries as Trustees from 1st July 2021 are as follows: Stuart Keir received a stipend of £19,900 and pension contribution of £2,509.

Colin Watson received a salary of £17,700, a pension contribution of £1,770 and mileage expenses of £85.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Support costs

Support costs
Support
costs
Governance
costs		 2021
Support costs
Governance
costs		 2020
£ £ £ £ £ £
Office & admin costs 17,631 - 17,631 17,573 - 17,573
Professional fees - 9,674 9,674 - 10,745 10,745
17,631 9,674 27,305 17,573 10,745 28,318
Analysed between
Charitable activities 17,631 9,674 27,305 17,573 10,745 28,318

Governance costs include £4,500 audit fee and £5,174 legal and professional fees.

Office & admin costs include £3,870 accountancy fees and £1,134 payroll preparation fees paid to the auditors.

10 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Ministry 3 3
Other 8 6
Total 11 9
Employment costs 2021 2020
£ £
Wages and salaries 183,107 167,270
Social security costs 10,600 9,812
Other pension costs 16,523 18,201
210,230 195,283

There were no employees whose annual remuneration was more than £60,000.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

11
Tangible fixed assets
Cost
At 1 January 2021
At 31 December 2021
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Land and
buildings		 Fixtures,
fittings &
equipment		 Total
£ £ £
3,033,304 99,085 3,132,389
3,033,304 99,085 3,132,389
- 84,772 84,772
- 5,112 5,112
- 89,884 89,884
3,033,304 9,201 3,042,505
3,033,304 14,313 3,047,617
2021 2020
£ £
308,629 192,398
3,631 3,517
312,260 195,915
13
Financial instruments		 2021 2020
Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost		 £ £
308,629 192,398
11,359 11,044
14
Creditors: amounts falling due within one year
Accruals and deferred income 2021 2020
£ £
11,359 11,044

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

15
Provisions for liabilities		 2021 2020
Notes
Retirement benefit obligations
16		 £ £
17,296 66,762
17,296 66,762
16
Retirement benefit schemes

Defined contribution schemes

The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme ("the Scheme"), which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers.

For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time.

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS102. This is because it is not possible to attribute the Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions (see below).

The pastors and other employees are eligible to join the Scheme. From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members' Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Legal and General Life Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members in the event they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva plc.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre 2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers' Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011.

Recovery Plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan.

Under the current Recovery Plan dated 30 September 2020, deficiency contributions are payable until 30 June 2026. These contributions are broadly based on the employer's membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However, the Trustees and the Council agreed a 50% reduction for all deficiency contributions payable between 1 July 2020 and 31 December 2020.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

16
Retirement benefit schemes		 (Continued)
Defined benefit schemes
Key assumptions
2021 2020
% %
Discount rate 2.0 0.4
Expected rate of increase of pensions in payment 4.1 3.0
Amounts recognised in the profit and loss account:
2021 2020
£ £
Net interest on defined benefit liability/(asset) 244 1,745
Amounts taken to other comprehensive income:
2021 2020
£ £
Actuarial changes related to obligations (38,248) (33,391)
The amounts included in the balance sheet arising from the the Fellowship's
obligations in respect of defined benefit plans are as follows:
2021 2020
£ £
Present value of defined benefit obligations 17,296 66,762
Deficit in scheme 17,296 66,762
Movements in the present value of defined benefit obligations:
2021
£
Liabilities at 1 January 2021 66,762
Contributions from scheme members (11,462)
Actuarial gains and losses (38,248)
Interest cost 244
At 31 December 2021 17,296

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

16
Retirement benefit schemes
(Continued)		 16
Retirement benefit schemes
(Continued)
The defined benefit obligations arise from plans funded as follows:
Wholly unfunded obligations
Wholly or partly funded obligations
2021
£
17,296
-
17,296

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17 Restricted funds

Robertson Fund – this is a fund which arose from the sale of the Robertson Rest Home and must be used for the provision of care (including physical, pastoral, social and spiritual care) for elderly and disabled persons who are members of the Baptist Church in the Dundee City in such manner and such means as the Trustees in their absolute discretion consider appropriate.

Youth Fund – this fund holds donations received where the donor has noted it must be used for youth work.

Ward Road Buildings Fund - this fund holds a legacy received which has to be used for the maintenance and upkeep of the Ward Road buildings. Exterior Projection of Christmas Images Fund - this fund held a grant that was received during the prior year.

Balance at
1 January 2020
r
£		 Balance at
1 January 2020
r
£		 Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds
Incoming
esources
Resources
expended		 Transfers
Balance at
1 January 2021
r		 Incoming
esources
Resources
expended
Balance at
31 December
2021
£ £ £ £ £ £ £ £
4,400
-
131,205
700
136,305		 3,000
-
-
Robertson Fund 145,282 (3,756) - 145,926 (3,010) 145,916
Youth Fund 8,750 (144) - 8,606 (395) 8,211
Ward Road Buildings Fund - (64,751) - 66,454 (11,814) 54,640
Exterior Projection of Chritsmas Images Fund - (1,050) 350 - - - -
3,000
154,032 (69,701) 350 220,986 (15,219) 208,767

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

18 Designated funds

Building Fund - This fund has been earmarked for costs associated with the development and upkeep of the church buildings.

Property Reserve - This fund holds the cost or valuation of the church buildings and other tangible assets held by the church.

Pension Reserve - This negative reserve represents the present value of the church’s obligations relating to defined benefit pension plans. The transfer from the general fund updates the year end balance of the church's obligation towards the pension deficit.

Pension Deficit Fund (previously Legacy Fund) - This fund has been earmarked to cover costs associated with defined benefit pension plans deficit contributions. The transfer to the general fund is to bring the balance in line with the latest deficit estimate.

Hardship Fund - This fund has been earmarked to provide financial support to those within the Fellowship who are in need.

Future Generation Fund - This fund is earmarked for Minister-in-Training related costs and for costs associated with the investment in the future generation of the church family. The transfer to the general fund was to provide support for these costs.

Balance at
1 January 2020
£		 Balance at
1 January 2020
£		 Incoming
resources		 Resources
expended		 Transfers
Balance at
1 January 2021		 Transfers
Balance at
1 January 2021		 Incoming
resources		 Resources
expended		 Transfers
Balance at
31 December
2021
£
£
-
-
-
2,918,724		 Transfers
Balance at
31 December
2021
£
£
-
-
-
2,918,724
£ £ £ £ £ £ £ £
Building Fund 9,616 -
-
33,391		 (9,616) - - - - -
Property Reserve 2,872,934 (3,149) 48,939 2,918,724 - - -
Pension Reserve
Pension Deficit Fund (Previously Legacy
Fund)		 (106,856) (1,745) 8,448 (66,762) 38,248 (244) 11,462 (17,296)
- - 36,400
10,056
219,576
3,167,460
119,390 - (64,190) 55,200 - (18,800)
Hardship Fund - 15,456 (4,200) - 11,256 400 (1,600) -
Future Generation Fund - - - - - 264,576 - (45,000)
48,847 303,224
2,895,084 (18,710) (6,803) 2,918,418 (1,844) (52,338)

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

19
Analysis of net assets between funds		 19
Analysis of net assets between funds		 19
Analysis of net assets between funds		 19
Analysis of net assets between funds		 Total
2020
£
3,047,617
375,127
Unrestricted
funds
Designated
funds
Restricted
funds
2021
2021
2021
£
£
£
Fund balances at 31 December 2021 are
represented by:
Tangible assets
3,858
2,918,724
119,923
Current assets/(liabilities)
194,148
266,032
88,844
Provisions and pensions
-
(17,296)
-
198,006
3,167,460
208,767		 Total
Unrestricted
funds
Designated
funds		 Restricted
funds
2021 2021 2021 2021 2020 2020 2020
£ £ £ £ £ £ £
3,858 2,918,724 119,923 3,042,505 6,299 2,918,724 122,594
194,148 266,032 88,844 549,024 210,279 66,456 98,392
- (17,296) - (17,296) - (66,762) - (66,762)
3,355,982
198,006 3,167,460 208,767 3,574,233 216,578 2,918,418 220,986

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

20 Operating lease commitments

At the reporting end date the the Fellowship had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021 2020
£ £
2,002 2,002
3,502 5,504
5,504 7,506

21 Events after the reporting date

Pension Liability

As noted in Notes 15 and 16 above the Church has a defined benefit pension scheme which has a recovery plan in place.

In July 2022 the group pension scheme signed an agreement with the insurance company Just Group to secure DB Plan members’ pension benefits. This agreement is referred to as a ‘buy-in policy’. It follows a similar agreement with Just in 2019 that covered most pensions in payment at that time. The combined agreements mean that Just are now providing financial backing for all DB pensions provided through the Scheme’s DB Plan.

Deficit Recovery Contributions (DRCs)

The costs of such policies are largely driven by financial markets and these have moved substantially in the Scheme’s favour, particularly over the course of the last few months. As a result, this transaction takes the Scheme out of a shortfall position for the first time in two decades. Although risks remain, the Baptist Union and the Trustee have agreed that deficit recovery contributions from each participating employer in the DB Plan will reduce to just £1 per month from August 2022.

Given the above it is hoped that the pension liability noted in the accounts will actually turn out to be smaller than disclosed in Notes 15 and 16.

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, who are also trustees, is as follows.

2021 2020
£ £
Aggregate compensation 96,257 53,092
, spouse of Trustee
and
son of Trustee		 were both

employees of Central Baptist Church Dundee. Respectively their salaries from 1st July 2021 were £5,350 and £128.

Stuart Keir and Karen Keir live in a property that the church has an investment in.

CENTRAL BAPTIST CHURCH DUNDEE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

23 Collections for Third Parties

The following income from Special Collections and donations was received and distributed during the year:

Tear Fund
BMS Birthday Scheme
BMS		 2021
£
-
70
-
70		 2021
£
-
70
-
70		 2020
£
385
325
85
795
2020
£
2,743
24
Cash generated from operations		 2021
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Difference between pension charge and cash contributions
Movements in working capital:
(Increase) in debtors
Increase in creditors
Cash generated from/(absorbed by) operations		 £
180,003
(3,154) (6,363)
5,112 8,611
(11,218) (6,703)
(116,345)
(127,260)
315 446

25 Auditors' Ethical Standards

The relevant circumstances requiring disclosure in accordance with the requirements of APB Ethical Standards - Provisions Available for Smaller Entities are that, in common with many charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

26 Analysis of changes in net funds

The Fellowship had no debt during the year.